He also expressed hope that the proposed legislation would come in the upcoming Budget Session of Parliament and would be passed soon.
Speaking to reporters a day after the Cabinet gave its nod to IIM Bill, 2017 which empowers these institutes to give degrees, Javadekar said that it gives autonomy while also establishing a system of accountability in terms of CAG audits and presenting reports to the Parliament.
Giving autonomy to IIMs is a "milestone" Javadekar said adding that while government will continue to provide funds for development of these institutes but "sans government controls".
Javadekar said that recently while heading a Council of IIM Directors he had mentioned that under the IIM Bill he may not be the chairperson but someone from among them could be.
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The IIM Bill has a provision for setting up a coordination forum, the chairperson of which would be an eminent person, chosen by the members, it is learnt.
The HRD minister said that the IIM Bill was an indication that other institutes, which excel in their field, could get more autonomy.
Asked if the ministry planned to take the IIM Bill to the Parliament in the upcoming Budget session, Javadekar said that the government would introduce the Bill.
"If the House decides they can straight away discuss, or if comes to a Standing Committee, I am still sure it will be passed soon," he said.
He said the mentality that government would give money and control everything would not work in education.